The investment, led by San Francisco-based venture capital firm 1984 Ventures, will fuel Cleva’s expansion and development of new products aimed at simplifying cross-border financial transactions.

Founded in 2023 by Tolu Alabi and Philip Abel, Cleva addresses a pressing need in Africa’s burgeoning digital economy.

The platform helps users open US-based bank accounts, simplifying the process of receiving international payments in USD. This eliminates reliance on traditional remittance channels, often plagued by high fees and complex procedures.

With a user-friendly onboarding process requiring only a Bank Verification Number (BVN) and government-issued ID, Cleva has already witnessed impressive traction. In just four months since its Nigerian launch, the platform has processed over $1 million in monthly payments for thousands of users.

Cleva’s focus on customer experience and a unique business model differentiates it from competitors.

By providing a platform designed for ease of use and affordability, Cleva aims to democratize access to international financial services.

With the backing of established investors like Y Combinator, FirstCheck Africa, The Raba Partnership, and Byld Ventures, Cleva is poised to make a significant impact on the African financial landscape.